The Enterprise Development Loan program's primary goal is the retention and creation of jobs for low-to-moderate income residents of the City of Toledo by providing term-financing to businesses at attractive rates.
      The EDL progam's intent is to encourage private lenders to provide credit to firms which have difficulty securing reasonable financing that promotes growth while, at the same time preserving working capital.
     The EDL may not exceed thirty-three percent of the eligible project's cost and the remaining sixty-seven percent must come from private sector financial institutions, such as banks. The interest rate of the loan is below the market fixed rate and remains so for the life of the loan.
      The term of the loan cannot exceed seven years and is based on the useful life of the assets. If the loan is used for working capital the term may not exceed three years. The loan amounts range from 20,000 dollars up to 100,000 dollars.
     The EDL may be used for purchase of inventory, machinery and equipment, furniture and fixtures, leasehold improvements, working capital, and architectural, engineering or other professional consultation.
     Qualifying for-profit applicants would be in the construction sector where average annual receipts for preceeding three fiscal years have not exceeded 17.8 million dollars, the manufacturing and wholesale sectors where there are no more than 500 employees, the retail and service sectors where annual receipts do not exceed 3.5 million dollars.
     Qualifying non-profit applicants must be incorporated as a 501(c)3 corporation and in business for two years with an active business development program and the project must have direct impact on business development in it service area.
     Call NIP for applications and assistance in processing your Enterprise Development Loan.

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